Are you ready to short sell your home?
What is a short sale? A short sale occurs when the value of a home is less than what is owned. This can be due to many causes, but frequently is a result of a rapidly declining housing market.
Short sales can be a way for homeowners to avoid foreclosure and pay off their loan with the lender by settling.
What's involved in a short sale?
First, get an idea of the true market value of your home. A knowledgeable REALTOR®, like Target Cost Realty, LLC, will be able to give you a good idea of what your home should possibly sell for based on a market analysis. Be careful of websites where a computer estimates your house's market value since they may not have complete information or know important things like neighborhood trends and current listings.
When you're ready to get started,
contact me through my site or
e-mail me. I'm happy to answer any questions you have regarding real estate short sales.
Next, be sure to figure in your closing costs. My experience has taught me to consider fees such as title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at the closing table.
Finally, get in touch with your lender and notify them of the situation. They may even have a special department that manages short sales. Ask about their specific steps. Some lenders will be more inclined to work with you than others. They may be able to decrease the amount owed or make other arrangements. Your lender will have to agree to the final sale.